The UK budget this week

[Harveyboy]

19 hours ago, puchooay said:

I was referring to private pensions. Most expats I know have one. Usually one that matured when they were mid to late 50s.

crossed lines mate I was talking Government pittance..sorry pension ha 

[Chomper Higgot]

8 minutes ago, scubascuba3 said:

That's why you need a private pension as well 

The math is the same regardless.

 

If you’re combined income is only sufficient at date of first retirement and your income is fixed or not keeping up with inflation then you have a very grim old age ahead of you.

 

Worse still is taking on additional financial burdens on such a fixed income.

 

 

[scubascuba3]

5 minutes ago, Chomper Higgot said:

The math is the same regardless.

 

If you’re combined income is only sufficient at date of first retirement and your income is fixed or not keeping up with inflation then you have a very grim old age ahead of you.

 

Worse still is taking on additional financial burdens on such a fixed income.

 

 

Not the same, for example if you have a SIPP and taking drawdown you leave the rest invested

[Kwasaki]

1 hour ago, Chomper Higgot said:

Stick the two ends of this post together and a frozen pension gets awfully bad as the years go by.

 

At 10% inflation the value of your pension halves in 7 years.

 

At 7% inflation it halves in 10 years.

 

Live 25 years past retirement and even 3% inflation is going to dramatically impact your buying power.

 

 

I cannot relate to your calculations at all having had my pension for 10 years there has been little cost rise in living where i live,  if anything is all of muchness as it was years ago. 

Only notice in big towns where there is higher prices. 

The main thing is to take of your health not worry about money. 

Hence a retirement plan. 

[Kwasaki]

49 minutes ago, Chomper Higgot said:

The math is the same regardless.

 

If you’re combined income is only sufficient at date of first retirement and your income is fixed or not keeping up with inflation then you have a very grim old age ahead of you.

 

Worse still is taking on additional financial burdens on such a fixed income.

 

 

You must be so much fun at a party. ????????

[BritManToo]

1 hour ago, Chomper Higgot said:

Stick the two ends of this post together and a frozen pension gets awfully bad as the years go by.

At 10% inflation the value of your pension halves in 7 years.

At 7% inflation it halves in 10 years.

Live 25 years past retirement and even 3% inflation is going to dramatically impact your buying power.

Can't imagine living 25 years into state retirement ....... 66 + 25 = 91.

Even my pals back in England mostly die in their 60s.

If I manage to make 70 (doubtful) inflation would have been trivial.

[Guderian]

On 11/18/2022 at 12:06 AM, chang50 said:

So can we take it this rumour was unfounded?

Don't be too sure, the budget speech gives the big picture but the exact details aren't announced until the Revenue starts issuing them in its press releases a week or two later. As an example of this, take the infamous IR35, the One-Eyed Scottish Idiot didn't mention it in his speech in the House 20 or so years ago, people only found out about it in a Revenue press release called IR35. And it's still contentious to this day.

[Kwasaki]

12 minutes ago, BritManToo said:

Can't imagine living 25 years into state retirement ....... 66 + 25 = 91.

Even my pals back in England mostly die in their 60s.

If I manage to make 70 (doubtful) inflation would have been trivial.

Don't think negative buddy I'm 75 and feel as good i did when i was 55.

Going bigbike rideout Monday to Mae Hong Song.

Just come back from a great time in CM, at times paying 130 for a beer Chang kept me sober. ????????

[Chomper Higgot]

1 hour ago, Kwasaki said:

You must be so much fun at a party. ????????

I am, I bring good booze. I can afford it, I planned it that way.

[Chomper Higgot]

1 hour ago, BritManToo said:

Can't imagine living 25 years into state retirement ....... 66 + 25 = 91.

Even my pals back in England mostly die in their 60s.

If I manage to make 70 (doubtful) inflation would have been trivial.

I’ve not made my financial plans on how long my mates live(d).

 

That’s just silly.

[BritManToo]

2 hours ago, Chomper Higgot said:

I’ve not made my financial plans on how long my mates live(d).

That’s just silly.

Only one of my parents/grandparents ever made 70.

So I've always based my calculations on that.

 

Back on topic,

Budget was good for me, 10% pension rise and nothing negative.

[puchooay]

4 hours ago, BritManToo said:

Can't imagine living 25 years into state retirement ....... 66 + 25 = 91.

Even my pals back in England mostly die in their 60s.

If I manage to make 70 (doubtful) inflation would have been trivial.

Two best celebrations I've been to were two expat birthday parties where the celebrants were both twice my age. 

 

One time I was 38 the other I was 41. 

 

At our group's next meet up 90% of the guys will be over 70.